BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, MATIC

Bitcoin (BTC) failed to recover sharply following the Dec. 11 drop, suggesting selling pressure on relief rallies. Glassnode data shows that short-term holders (STHs), entities that have held Bitcoin for 155 days or less, sent $1.93 billion worth of Bitcoin on December 11th and $2.08 billion on December 12th. The one-day sale deadline has passed. The $2 billion mark is back in June 2022. This shows that speculators are in a hurry to dispose of their holdings.

However, low standards are attracting buyers. Trading input material indicators indicated that “institutional-sized” bids could be seen, but said it was unclear whether stocks or short-term trading opportunities were being bought in dips and rallies were being sold.

Cointelegraph contributor Marcel Pechman reviewed the initial data and said that despite the recent correction, Bitcoin remains on track to hit $50,000. He added that the correction appears to be “primarily driven by the spot market” so there is little chance of “liquidity spills”.

What are the important support levels that can hold for Bitcoin? Could altcoins start a rally? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin held above its 20-day exponential moving average ($40,870), but the bulls failed to launch a strong rally. This shows a reluctance to buy at high levels.

A negative divergence on the Relative Strength Index (RSI) suggests that the positive momentum may be slowing. That puts it at risk of breaking the 20-day EMA. If that happens, the BTC/USDT pair may drop to its 50-day simple moving average ($37,707).

Meanwhile, the bulls may have other plans. They will try to push the price towards the $44,700 resistance. This phase is expected to see a fierce battle between the bulls and bears. If the buyers win, the pair could go up to $48,000.

Ether price analysis

Ether (ETH) declined through shallow strong support at $2,200 on December 12, indicating a lack of demand at lower levels.

The bears are trying to build on their gains by pulling the price below the 20-day EMA ($2,192). If the lower levels are supported, the sell-off may accelerate, and the ETH/USDT pair may fall to the 50-day SMA ($2,029).

Conversely, if the price is above $2,250, it suggests that lower levels will continue to attract buyers. The pair will try to retest the 52-week high at 2,403. A rally above this resistance could initiate the next leg of the rally towards $3,000.

BNB price analysis

BNB's (BNB) price action has formed an inverse head-and-shoulders pattern, which will be completed at a break and close above the neckline at $275.

The 20-day EMA ($238) has started to turn, and the RSI is in positive territory, indicating that the bulls are dominant. The price can reach the neck line, the bears can mount a strong resistance. If the bulls overcome this barrier, the BNB/USDT pair may start a new move towards the $333 pattern target.

Any dip from current levels could find support from moving averages. A break below the moving averages suggests that the bulls are losing their grip. The pair may fall to critical support at $223.

XRP price analysis

The bulls tried to stop XRP's (XRP) rally at the 50-day SMA ($0.62) on December 11, but were unable to push the price above the 20-day EMA ($0.63).

The sell-off continued on December 13, and the price fell below the 50-day SMA. Sellers will try to pull the price towards critical support at $0.56. This level is indicative of strong buying by bulls. The 20-day EMA is flat, and the RSI is below the midpoint, indicating the possibility of range-bound action in the near term.

Buyers return to the driver once the price is above $0.67. The XRP/USDT pair can climb to the upside resistance at $0.74.

Solana price analysis

Solana (SOL) bounced back from the 20-day EMA ($64.46) on December 11, but the bulls could not sustain the rally.

The bears traded around $72 and on December 13 again took the price to the 20-day EMA. A negative divergence on the RSI suggests that momentum is weakening. If the price falls below the 20-day EMA, the sell-off may accelerate, and the SOL/USDT pair may drop to the 50-day SMA ($53.73).

Alternatively, if the price reverses from the current level, it indicates that the bulls will continue to strongly defend the 20-day EMA. Then the pair could rise to $78.

Cardano price analysis

Cardano (ADA) is consolidating gains between $0.65 and the 50% Fibonacci retracement level of $0.51, indicating that dips are being bought.

The upward moving averages and the RSI in the oversold zone suggest that the path of least resistance is up. The bulls will try to lift the price above $0.65 again. If you manage to do that, the ADA/USDT pair can start the next leg of the uptrend towards $0.70 and then towards $0.78.

If the bears want to prevent the upside, the price needs to break below $0.51 and the critical support at the 20-day EMA ($0.47).

Dogecoin price analysis

Dogecoin (DOGE) rejected profit resistance from $0.11 on December 11 and entered the 20-day EMA ($0.09) on December 13.

A strong move above the 20-day EMA suggests traders should continue to buy on dips. The bulls will make one more attempt to overcome the barrier at $0.11. If they succeed, the DOGE/USDT pair could rise to $0.14 and later to $0.16.

This bullish view will be rejected if the price continues lower and breaks below the 20-day EMA. If that happens, the pair could slide towards the 50-day SMA ($0.08) and then towards $0.07.

Related: Why Is Cardano Price Down Today?

Price analysis

The bulls pushed Avalanche (AVAX) above $38 resistance on December 11th and 12th, but failed to sustain higher levels.

That led to a pullback on December 13th, but the positive sign is that the bulls are aggressively buying the 38.2% Fibonacci retracement level to $34.36. Buyers once again pushed the price above $38. If the recovery continues, the AVAX/USDT pair could retest the high at $42.89.

Conversely, if the price fails to hold above $38, it suggests that bears may continue to view the rally as a selling opportunity. A break below $34.36 could open a lower target for the 20-day EMA ($28.22).

Polkadot price analysis

Polkadot (DOT)'s rally stopped below the $7.90 resistance on December 9, indicating profit booking by short traders.

The price rebounded from the 20-day EMA ($6.19) on December 11, but the bulls could not overcome the barrier at $7.36. This indicates that bears are highly active. Sellers will try to pull the DOT/USDT pair towards the 20-day EMA, which remains a key level to monitor.

A breakout from the 20-day EMA indicates that sentiment remains positive and traders are buying on dips. The bulls will make one more attempt to clear the barrier at $7.90. Conversely, a break below the 20-day EMA could sink the pair to the 50-day SMA ($5.35).

Multilateral cost analysis

Polygon (MATIC) rallied above $0.89 on Dec. 8 as bears pushed the price below the Dec. 11 level.

Buyers tried to push the price back above $0.89 on December 12, but the bears held their ground. Sellers are trying to further strengthen their position by pulling the price below the 20-day EMA ($0.83). If they do that, it suggests the start of a deeper correction to $0.70.

If the price rises significantly from the current level and exceeds $0.89, this negative view will be rejected in a short time. This indicates strong buying at low levels. The pair can go up to $0.95 and then to $1.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.